Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 2 – Earnings Per Share

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and earnings per share for the indicated periods.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
	(In thousands, except per share amounts)
Income (numerator):
Basic:
Net income	$	36,102		$	23,659		$	115,882		$	105,180
Net income attributable to participating securities		(924	)		(564	)		(2,728	)		(2,283	)
Net income attributable to common stock—basic	$	35,178		$	23,095		$	113,154		$	102,897
Diluted:
Net income	$	36,102		$	23,659		$	115,882		$	105,180
Net income attributable to participating securities		(923	)		(563	)		(2,726	)		(2,281	)
Net income attributable to common stock—diluted	$	35,179		$	23,096		$	113,156		$	102,899
Weighted average shares (denominator):
Weighted average shares—basic		48,732			48,342			48,680			48,300
Dilutive effect of stock options		44			42			40			43
Weighted average shares—diluted		48,776			48,384			48,720			48,343
Basic earnings per share	$	0.72		$	0.48		$	2.32		$	2.13
Diluted earnings per share	$	0.72		$	0.48		$	2.32		$	2.13

Stock options that were considered antidilutive because the exercise price of the options exceeded the average price of our common stock for the applicable period totaled approximately 327,000 and 369,000 shares during the three and nine month periods ended September 30, 2013 and 2012, respectively.

During the three months ended September 30, 2013 and 2012, respectively, approximately 22,000 and 59,000 shares of our common stock were issued from authorized shares upon the vesting (lapse of forfeiture restrictions) of restricted stock by employees and nonemployee directors. During the nine months ended September 30, 2013 and 2012, respectively, approximately 358,000 and 314,000 shares of our common stock were issued from authorized shares upon the vesting (lapse of forfeiture restrictions) of restricted stock by employees and nonemployee directors.

Because it is management’s stated intention to redeem the principal amount of our 1 ³⁄₄% Senior Convertible Notes due 2017 (the “2017 Convertible Notes”) (see Note 4 – Long-Term Debt) in cash, we have used the treasury method for determining potential dilution in the diluted earnings per share computation. Since the average price of our common stock was less than the effective conversion price for such notes during the reporting period, the 2017 Convertible Notes were not dilutive for such period. Additionally, since the average price of our common stock was less than the strike price of the Sold Warrants (as defined in Note 4 – Long-Term Debt) for the reporting period, such warrants were also not dilutive for such period.